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Quick question. Back in 2016 my yearly if paid in full was 609.00. I've got a 2015 G21. Don't know what the last year was...can't find my paper...but this year, for 2018 my yearly went up to 709.00 paid in full. Should this be going up if nothing has changed since the boat is getting older?? Shouldn't it be going DOWN slightly as the boat gets older but coverage stays the same. Or at least the payment should stay roughly the same?? Just a general question for those with Progressive or any other boat insurance. Thanks.
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Although I wouldn't think a 2016 should be effected by it, typically with boat insurance as they get older the price tends to go up, believe the ins co philosophy on this is with age comes issues, an older boat is more susceptible to on the water problems = claims. Perhaps the wake barges are seeing more claims also, my 2005 inboard insured for 50k agreed value is 1/3 of what you are being charged unless of course you have an agreed value of 150k then you are pretty close to what I am paying minus the age factor.
Have been using Progressive for a very long time, my renewal is coming up, with all my boats & pwc, there is no change in price
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You should price SkiSafeOriginally posted by Kenv
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Yep I’m dropping Progressive as well next month when my policy is up for renewal and I’m going with Ski Safe tooComment
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Yeah...I might look at Ski Safe. I'll call Progressive and let them know I feel it should stay the same...not jump $100. Quinner...i've got an agree value of $135,000.....2015 G21. Thanks all.Comment
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Just a thing to check on with SkiSafe, as I recently priced them against Progressive, who I've been with since '06. Their price was slightly better, but the "Agreed Value" wasn't the same - the fine print said the Agreed Value was good only for two years, after which it would defer to a market or book value. Progressive, I verified more than once, the agreed value is what you'll get if the thing is a total loss, e.g. a fire - like someone recently experienced here on PN (I don't remember the username).
If you find out otherwise, let me know! But for now, the $80 or so difference is money well spent toward Progressive vs. SkiSafe if I can set my value.Comment
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Yeah....I don't think I'll leave Progressive over a $100 difference....but just wanted to see if this was the norm....or if others were seeing this.. Also....Ski Safe might not be a big savings either....at least not enough to leave. I already paid the premium for this year...so I'll re-visit for next year. Thanks all.Comment
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The agreed value is less important, in my opinion, for a newer boat. The market value should come close to what it would cost you to replace it, minus any major modifications you may have made.
I ran into this when I had an '89 Supra and we put a much newer engine into it. The NADA value was something like $5k. With the GT-40, maybe the market value was $6-7k but NADA isn't going to reflect that, let alone added things like a heater, tower, bimini, all of which adds up. I figured, to replace the boat as-is would have been $12,000. That's a huge difference, percentage wise.
As far as age having an effect on insurance price, mine went up $136 when I bought the 2003 Nautique to replace the '89 Supra. I just paid my premium this morning.Comment
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Yeah....I'm not really concerned with the agreed value or replacement value of my G....which is still the same since I added it to the policy. I was more concerned with the price increase of the premium with all things remaining the same. Just seeing if anyone else was seeing this slight bump in price with Progressive. It was one **** of a disaster year for all insurance companies last year. Hurricanes, Fire, Flood, Mud.....etc. Maybe it trickled over to the boat insurance side?Comment
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I shop insurance yearly now. I was with state farm for 12 years and figured I was getting a good deal because I had been with them for so long and had no claims. Then I shopped Geico and they were literally half.
I'm pretty sure each insurance company bumps it up every year. Even Geico raised my premium $20/mo (2 cars/boat/jetski/utv included) because I moved 2 miles away. I think they find any reason to raise it so I will continue to shop every year or two.2012 SANTE 230Comment
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On that note, I should probably switch to SkiSafe for 2 years until the Agreed Value thing expires, then see if Progressive will take me back for less money.Originally posted by GMLIII View PostComment
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I’m with Progressive now and switching to SkiSafe in May . I may try what you suggest going back to Proggressive in 2 years after SkiSafeComment
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what kind of deductibles are you guys getting with your policies?
I was quoted a ridiculous deductible of 5% of boat value for each claim!! For 125K, that' $6k per occurance....Comment
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$1k deductible for my boat on $80k agreed value policy for boat plus $5k for trailer. I have never heard of 5% deductible unless you have a bad claims history and they are expecting to get stuck with a claim. Tow boats have been proven to be one of the lowest claim items out there and why you can get a $150k boat insured for about the same cost as a $50k vehicle.
3 companies I have been with for boats...BOATUS, SkiSafe and Progressive (I would not use Progressive for anything but boaters, their vehicle/homeowners sucks IMO). I am with State Farm for everything else (little more expensive but you get what you pay for when it comes to homeowners/cars). Nationwide would be next choice for homeowners and I may be switching my cars/homes to them soon. I have seen good things from Liberty Mutual but not been with them before. Allstate sucks period (these are all my personal opinions based on how I see them treat their insured when their are claims.....mostly fire and water damage... and I see thousands of claims per year in my industry). It is interesting tho that the adjuster can make the difference, I have seen the same company treat the same situation differently with a different adjuster so its rarely cut and dried
Like others said, I shop every so often cause that is the only way you keep them honest...otherwise rates creep and as your car is worth less/depreciates....rates go up? So stupid. Insurance is the biggest scam out there IMO. But they wont let themselves lose money so when they pay out billions in claim cause of disasters, everyone pays for it one way or another. They keep people with "disappearing deductible" and other little tidbits that make you think its worth paying that extra hundred per year or whatever the case may be.
Sorry.....rant overComment
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